Global Net Lease plans best efforts sale of series B preferred stock

By James McCandless

San Antonio, May 18 – Global Net Lease, Inc. plans to offer series B preferred stock in a best-efforts offering, according to a filing with the Securities and Exchange Commission.

Value Base Underwriting and Securities Distribution Ltd. is the distributor in Israel and the company plans to list the preferreds on the Tel Aviv Stock Exchange.

The preferreds will have a liquidation preference of 100 new Israeli shekels but all calculations relating to the liquidation preference will be converted into dollars.

The preferreds will be callable and putable after five years.

Global Net Lease plans to use the proceeds to fund a portion of the purchase price of its pending acquisitions and other acquisitions, as well as for general corporate purposes.

The company intends to list the preferreds on the New York Stock Exchange under the symbol “GNL.”

Global Net Lease is a New York-based real estate investment trust.

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